TAIPEI (S&P Global Ratings) Feb. 9, 2023--S&P Global Ratings today said that Wan Hai Lines Ltd. has built a net cash position to buffer against the plummet in seaborne freight rates since the second half of 2022. Soaring demand for physical goods along with congested seaborne traffic during the pandemic had pushed up freight rates to record highs. This helped Taiwan-based operator Wan Hai (BB+/Stable/--) accumulate a high cash balance over the past two years. The enhanced cash position has provided material uplift to the operator's overall capital structure, enough to shield it from further weakening in freight rates over the coming few quarters, in our view. Our base case for Wan Hai Lines supports our view of the operator's
